Under-fire Canadian handset maker Research in Motion (RIM) is now 9.9%-owned by Fairfax Financial Holdings, according to an SEC filing, making it RIM’s largest shareholder.
The Toronto-based insurance and investment firm has roughly doubled its stake…
Under-fire Canadian handset maker Research in Motion (RIM) is now 9.9%-owned by Fairfax Financial Holdings, according to an SEC filing, making it RIM’s largest shareholder.
The Toronto-based insurance and investment firm has roughly doubled its stake from previously 5.12%. RIM’s share price has dropped 74% in the last year and 94% since 2008.
Fairfax is headed-up by Prem Watsa who joined RIM’s board in January – the same time Thorsten Heins took over as CEO from co-founders and then co-CEOs Mike Lazaridis and Jim Balsillie. At that point Fairfax upped its stake to 5.12%. In September 2011 it held 2.25%.
Watsa told The Globe and Mail that he believed the market had underestimated RIM and that he wanted to offer his support to Heins.
